Iris Energy (NASDAQ:IREN) Upgraded to Buy by Zacks Investment Research

Iris Energy (NASDAQ:IREN – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The brokerage presently has a $15.00 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 16.82% from the company’s previous close.

According to Zacks, “Iris Energy is a Bitcoin mining company. It builds, owns and operates data center infrastructure with a focus on entry into regions where it can access abundant and/or under-utilized renewable energy to power its operations. Iris Energy is based in SYDNEY, Australia. “

A number of other brokerages have also recently issued reports on IREN. Cowen started coverage on shares of Iris Energy in a research report on Tuesday, January 4th. They set an “outperform” rating and a $31.00 target price for the company. Compass Point lifted their target price on shares of Iris Energy from $22.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 8th. Canaccord Genuity Group cut their price objective on shares of Iris Energy from $30.00 to $25.00 in a research report on Friday, January 14th. Cantor Fitzgerald cut their price objective on shares of Iris Energy from $25.00 to $22.00 in a research report on Wednesday, March 9th. Finally, Citigroup started coverage on shares of Iris Energy in a research report on Tuesday, December 14th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Iris Energy currently has an average rating of “Buy” and a consensus target price of $26.22.

NASDAQ:IREN traded down $0.22 during midday trading on Tuesday, hitting $12.84. 57,761 shares of the company were exchanged, compared to its average volume of 142,457. The stock has a fifty day moving average of $14.50. Iris Energy has a fifty-two week low of $8.55 and a fifty-two week high of $28.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 9.14 and a quick ratio of 9.14.

Iris Energy (NASDAQ:IREN – Get Rating) last issued its quarterly earnings data on Wednesday, February 9th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($1.04). The business had revenue of $25.31 million for the quarter, compared to the consensus estimate of $21.72 million. On average, sell-side analysts anticipate that Iris Energy will post 1.16 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of IREN. Goldman Sachs Group Inc. acquired a new stake in shares of Iris Energy during the fourth quarter worth $10,309,000. Point72 Asset Management L.P. acquired a new stake in shares of Iris Energy during the fourth quarter worth $7,194,000. Millennium Management LLC acquired a new stake in shares of Iris Energy during the fourth quarter worth $4,456,000. Allianz Asset Management GmbH acquired a new stake in shares of Iris Energy during the fourth quarter worth $3,602,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Iris Energy during the fourth quarter worth $3,234,000. 0.77% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Company Profile (Get Rating)

Iris Energy Limited operates as a bitcoin mining company. The company was incorporated in 2018 and is based in Sydney, Australia.

Read More